Markets May Wait to See How Far the Euro-Dollar Pair Can Rise After Rebounding for the First Time in a Week
28.03.2025
- Japan/Tokyo Consumer Price Index
- University of Michigan Consumer Sentiment Index
In U.S. currency trading the previous day, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 105.010 to 105.810. Price action was seen moving across the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, after breaking through the 200-period simple moving average (SMA) resistance line, the upward trend has continued along the 20-period MA.Since the daily chart has set a new high for the month, we should keep an eye on the upside potential for the Canadian dollar during U.S. trading hours.
Among European currencies, the euro rebounded against the U.S. dollar for the first time in seven days. The EUR/USD pair rose from 1.0733 to 1.0821. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the pair has rebounded from the -3σ level of the Bollinger Bands, and on the daily chart, it appears to have completed a retest of the 200-day SMA and is once again entering an uptrend. We will monitor the euro’s upside potential during U.S. trading hours.
Today’s economic indicators include the Japan/Tokyo Consumer Price Index at 8:30, the UK Trade Balance, UK Real GDP, UK Current Account, and UK Retail Sales at 16:00, the Germany GfK Consumer Confidence Index at 16:00, the Germany Employment Report at 17:55,at 19:00, the Eurozone Consumer Confidence Index; at 21:30, Canada’s Real GDP, U.S. Personal Income, and U.S. PCE Deflator; at 23:00, the U.S. University of Michigan Consumer Sentiment Index; and at 25:15, remarks by Fed Chair Barre.We want to carefully assess the upside potential for the euro/dollar pair, which rebounded for the first time in a week.
Author: Keisuke Sakurai
